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News out of the EU is rallying the market today, but Nike & Ford earnings paint a different picture. El-Erian of PIMCO believes this rally will run out of steam. We have resistance @ 1360 100ma. ITZ took a 1/4 position short via SPXU will add @ 1360...looking for a retracement. ITZ has taken a 1/4 position in Proshares Ultra Proshort S&P500 ETF (SPXU) @ $48.35. Look to add as the S&P500 tests resistance 1360. Note- this is the end of the quarter and market is being bid up, next week we have a holiday & BLS Jobs Report, for July... China CPI,PPI & GDP, FOMC minutes, U.S. GDP, earnings season begins on the 10th. That's a lot of data coming that could quickly extinguish this rally.
Mohamed El-Erian, Pimco CEO & co-CIO, says it is increasingly inevitable that Greece will exit the euro zone, adding that Spain shows investors are losing confidence in policymakers.